Biocon records three-fold jump in net profit to Rs 74 cr

Briefing reporters, Biocon Group Chairman & Managing Director Kiran Mazumdar Shaw said that the company’s extrordinary results can be attributed to the performance of its clinical research firms — Syngene and Clinigene — who reported high double digit figures.

For the reporting quarter, the company’s consolidated total income increased to Rs 592 crore from Rs 458 crore in the year-ago period — a jump of 29 per cent. Further, on a standalone basis, Biocon Ltd’s total net income rose to Rs 301.10 crore from Rs 253.42 crore, posting an 19 per cent jump and net profit was up 88 per cent to Rs 62.36 crore from Rs 33.53 crore same quarter last year.

Shaw also painted a rosy future for remaining two quarters of the fiscal year 2009-10, and said the company aims to better its performance from this quarter. She said the global biotechnology market can support such a performance. Meanwhile talking about the trend in the market, Shaw pointed out quoting a study that seven out of the top 10 selling drugs by 2020 will be biologic or bio-similar drugs, there by leaving the company with a huge potential going forward. “Going ahead we will see a strong organic growth,” she observed.

The company, Biocon Limited Chief Operating Officer Arun Chandavarkar said has also been working on the oral insulin, and will be filing IND (approval from FDA to carry on clinical tests) in the US by early next year.

Acquisition

Besides, Biocon has acquired Hyderabad-based bulk manufacturer IDL Speciality’s assets, as also entered into an exclusive co-development and marketing pact with California-based Amylin Pharmaceuticals for peptide therapeutics. Biocon disclosed that the firm will hire across the board and its headcount will increase to 4,000 from the current 3,500 by the end of this financial year.